As an entrepreneur, you should know the myths for starting an online business.
Everybody is looking to establish a successful online business today. They are looking for the next big business idea.
However, there is a misconception that establishing a successful online business is easy and takes no effort. There are several myths associated with online businesses that require debunking.
According to Forbes, ďThe Internet has provided people with many new opportunities to start many businesses. But too many people still have misconceptions about how easy it is to start a successful online business.
According to many sources, over 90% (Ninety percent) of all Internet business start-ups end in failure within the first 120 (one hundred twenty) days.
This is because of a variety of factors, including the ubiquitous advertising used to sell get-rich-quick schemes.Ē We understand that while there are many genuine opportunities for succeeding online, there are several misguided notions I must clarify first.
The major issue associated with myths is that they would spread just like wildfire. In this digital era, where Internet rules, any ill-timed statement has the potential to proliferate an incredible number of times a day and then accepted as fact.
Letís explore some of the common myths associated with starting an online business.
Myth 1: Passion Seems To Be Enough
You are often told that if you have the passion or the fire to succeed inside you that will guide you on the road to success. Some business gurus even suggest following your passion to achieve profit.
But if passion is equal to inevitable profit then donít you think everyone would fly a private jet, driving a Benz, and leading a luxurious life?
You must keep in mind that passion alone does not achieve success in your online business. But it is a vital component that must complement both strategic goals and business systems to achieve online business success.
Myth 2: Online Business Requires No Capital
Another myth that people canít resist believing is that online business can be started and operated with no capital. Even though you are not compelled to invest a six or even seven-figure savings to use as a business capital to start your dream online business, you need some capital for establishing a solid and sound foundation to boost growth.
Iím asked often: How much money does it take to start an online business? Thatís a loaded question. It depends. It depends on your expertise, business model, foundation, reach, products and services and I could go on and on. So if you hear it takes $10,000. Think again. Well, $10,000 might do it if you want to grow.The Internet has provided people with many new opportunities to start many businesses. Click To Tweet
There is no intention of demotivating you from setting up an online business but you must get your dose of reality. Setting up your online course, online store, customer service, affiliate marketing, youtube channel all takes resources to be successful.
It is important to understand that you must organize some capital for launching an e-commerce business. The fact is that an online business would require less capital as compared to a physical or brick-and-mortar facility.
However, you cannot run any business operations online without accumulating some money whether savings or business loans. In this context, you remember that if you ever consider debt consolidation, it is best to read reviews of top debt consolidation companies before choosing the right one for your unique requirements. So watch your cash-flow and burn-rate.
Myth 3: Social Media Is More than Enough for Success
The pervasiveness and extensive reach of the various social media platforms have prompted online business owners to take it for granted that starting an online business is easy just like planning social media marketing strategies at the grassroots level.
But in reality, it is difficult (okay time consuming) to do it right. Social media is a powerful tool that is often used for low-budget advertising and marketing but few online businesses could rely on social media for establishing their brands. You must realize that social media is effective but it cannot your sole online growth strategy.
Your social media strategy is used to amplify your messaging, listen to your customers, and engagement in a thoughtful dialog. Donít use it to sell too much, maybe 10-15%.
Myth 4: You May Continue Your Full-Time Job
You may do both. Both your business and attend your full-time job. But once the online business is set, you would not have the energy or the time to devote to both work and business. There will be a juncture when you would be compelled to quit your previous full-time job.
You need to put in 100 percent hard work, dedication, and determination to make your online business a grand success.
Your online business will demand complete attention from you. If you are serious about running your business and expanding its operations, you need to devote your full time and attention.
Read the book called the E-Myth.
Myth 5: Everything Would Be Automated
This myth is tempting and many online business entrepreneurs will seek marketing automation solutions. You may have the opportunity and freedom to install many platforms and applications with just a few clicks.
However, there are no push-button solutions for your business. You must adopt hands-on-approach to market research, niche selection, customer support, and even content creation.Click To Tweet
With time you could outsource marketing or automate to a greater extent. If you start your online business and consider automating it right at that point, you would prevent your online business from achieving its potential.
Start small and test, test, test. Once you have a good working sales funnel then scale it with marketing automation. But not before.
Myth 6: Online Business Entrepreneurs Are Supposed to Be Casual Globetrotters
Online business entrepreneurs enjoy the freedom of traveling across the world while they seem to be working. Online business is not very flexible as everybody assumes. There will be occasions when you could travel but it will not happen all the time.
Just because you could run your business through a laptop from wherever you wish to be, establishing an office in a hotel room anywhere in the world looks like glamorous but you cannot carry on doing it over a long period.
Your business would require a home base eventually. If you are traveling all the time then that would leave you with little time for scaling your business.
The key to starting an online business is to be open-minded. You must not take it for granted if someone tells you you cannot do something. You must try it out yourself and see if you could start your online business using that factor.
There are hundreds of components and moving parts to run a business. Just a single element would not stop you from achieving success or soaring high.
Your business model for selling your product and services online requires you to get found online in search results. You can pay for online ads and PPC campaigns but pair this with a great content strategy will fold into your search engine optimization (SEO) plan. So start a blog and promote your products.
As a business owner, you will wear many hats. Do what you do best and get help where you see gaps in your skill-set.
Marina Thomas is a marketing and communication expert. She also serves as a content developer with many years of experience. She helps clients in long-term wealth plans. She has covered an extensive range of topics in her posts, including money saving, Budgeting, business debt consolidation, business, and start-ups.